Nitro Knowledge. Your Guide to Paying for College.

When it comes to personal finance, it’s hard to find a number that’s more important than your credit score. From the loans you can get to the interest rates you’ll pay, the financial implications of your score are hard to overstate.

And just recently, the news broke that the calculation used to determine FICO scores is changing, with a heavier emphasis on overall debt load, payment history, and types of debt. FICO claims this could mean a 20-point increase for people with credit scores above 680, but people who are struggling may see ever sharper dips for missed payments and high balances. Let's talk about what it could mean to you. 

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You've heard about all the practical reasons for refinancing your student loans: It can lower your monthly payment, lower your interest rate, and even help you pay off your debt sooner. 

But how does refinancing affect your credit score? 

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You credit report says a lot about you: where you live and work, whether you make your bill payments on time, how much debt you have, and whether you've filed for bankruptcy. It's how mortgage companies, credit card companies, refinancing companies, to name a few, decide whether or not to approve a loan for you and what your interest rate will be. 

But what if there's an error, or even potentially fraudulent accounts, on your credit report? Let's walk through what you should to dispute these errors.  

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If you have that giddy butterflies-in-the stomach feeling and everything else feels right and natural, there are plenty of things you’ll want to overlook when it comes to love. One of those is a bad credit score.

But if getting engaged or married is in your future, your partner’s credit score will affect your financial future. And so will a lot of other things about their financial life.

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Building credit can seem like the ultimate Catch-22: You need a good score to borrow money, but you need to borrow money to get a good score. This system leaves millions of Americans confused about where to start, unsure of what they can do to break this cycle of credit exclusion.

According to the latest Consumer Financial Protection Bureau numbers, 26 million adults are credit invisible, meaning credit reporting agencies have no data available for potential lenders.

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Your credit score can shape the future of your finances, even more so than your age or income. No single factor matters more to potential lenders, and those with poor scores can wind up shelling out hundreds more in interest payments over time. But despite the crucial nature of this three-digit number, many Americans are unsure of their score and how to obtain it.

Considering the complexity of credit reporting today, we can’t say we blame those confused about credit scores.

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